Fitch gives Owens Corning notes BBB-

Fitch Ratings said it assigned a BBB- rating to Owens Corning's $450 million offering of 10-year senior notes.

The issue will be equal in right of payment with all other senior unsecured debt, the agency said.

The company intends to use the net proceeds to repurchase a portion of its outstanding 4.2% notes due 2022 and a portion of its outstanding 7% notes due 2036.

Owens Corning also intends to allocate an amount equal to the net proceeds from this offering to one or more eligible green projects.

The outlook is stable.

The agency said the ratings reflect the company's leading market position in all of its major businesses, strong brand recognition, and product, end-market and geographic diversity.

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